Consistency of positive performance over five years

28

positive 5-year periods

6

negative 5-year periods

Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods.
For complete fund performance, please see below.

18.21%

Best 5-year annualized return

(for period ending 03/31/14)

-2.18%

Worst 5-year annualized return

(for period ending 09/30/11)

6.45%

Average 5-year annualized return

Total return (%) as of 03/31/18

Annual performance as of 03/31/18

Annual
Cumulative

Annualized Total return (%) as of 03/31/18

Annualized performance

1 yr.

3 yrs.

5 yrs.

10 yrs.

Before sales charge

10.77%

6.09%

8.92%

6.68%

After sales charge

4.40%

4.01%

7.64%

6.05%

S&P 500 Index

13.99%

10.78%

13.31%

9.49%

Bloomberg Barclays U.S. Aggregate Bond Index

1.20%

1.20%

1.82%

3.63%

Cumulative Total return (%) as of 03/31/18

Cumulative performance

1 yr.

3 yrs.

5 yrs.

10 yrs.

Before sales charge

10.77%

19.40%

53.33%

90.83%

After sales charge

4.40%

12.53%

44.52%

79.85%

Annual performance as of 03/31/18

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Before sales charge

-37.92%

31.84%

13.65%

-3.90%

15.72%

23.75%

8.54%

-0.51%

6.73%

17.95%

S&P 500 Index

-37.00%

26.46%

15.06%

2.11%

16.00%

32.39%

13.69%

1.38%

11.96%

21.83%

Bloomberg Barclays U.S. Aggregate Bond Index

5.24%

5.93%

6.54%

7.84%

4.22%

-2.02%

5.97%

0.55%

2.65%

3.54%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

Before sales charge

After sales charge

1 mt.
as of 04/30/18

0.94
%

-4.86
%

YTD
as of 05/23/18

1.22
%

-4.60
%

Risk-adjusted performance as of
04/30/18

Alpha (3 yrs.)

-2.30

Sharpe ratio (3 yrs.)

0.69

Treynor ratio (3 yrs.)

7.18

Information ratio (3 yrs.)

-1.59

Volatility as of
04/30/18

Standard deviation (3 yrs.)

8.26%

Beta

0.80

R-squared

0.95

Capture ratio as of
04/30/18

Up-market (3 yrs.)

77.03

Down-market (3 yrs.)

97.51

Lipper rankings as of 04/30/18

Mixed-Asset Target 2040 Funds

Percentile ranking

Rank/Funds in category

1 yr.

73%

164/226

3 yrs.

68%

123/182

5 yrs.

30%

41/139

10 yrs.

30%

26/88

Morningstar ratings as of 04/30/18

Target-Date 2040

Rating

Funds in category

Overall

(190)

3 yrs.

(190)

5 yrs.

(149)

10 yrs.

(89)

Distributions

Record/Ex dividend date

12/29/17

Payable date

12/29/17

Income

$1.101

Extra income

--

Short-term cap. gain

--

Long-term cap. gain

$0.019

Lipper rankings are based on total return without sales charge
relative to all share classes of funds with similar objectives as
determined by Lipper. Past performance is not indicative of future
results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.

Percentages based on market value. Portfolio composition will vary over time. Due to rounding, percentages may not equal 100%.

Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although the fund seeks to maintain a constant share price of $1.00, it is possible to lose money by investing in this fund.

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions (including, in the case of bonds, perceptions about the risk of default and expectations about changes in monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the funds' portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments, and other factors affecting the value of commodities. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Efforts to produce lower-volatility returns may not be successful and may make it more difficult at times for the funds to achieve their targeted returns. In addition, under certain market conditions, the funds may accept greater volatility than would typically be the case, in order to seek their targeted return. There is no guarantee that the funds will provide adequate income at and through an investor's retirement. You can lose money by investing in the funds.

For the portion invested in the Putnam Government Money Market Fund, these risks also apply: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund's investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

The principal value of the fund is not guaranteed at any time, including at the target date.

Expenses

Expense ratio

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

Total expense ratio

1.18%

1.93%

1.93%

1.68%

1.43%

0.83%

0.93%

What you pay†

1.05%

1.80%

1.80%

1.55%

1.30%

0.70%

0.80%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through
11/30/18

Sales charge

Investment Breakpoint

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

$0-$49,999

5.75%

0.00%

0.00%

3.50%

--

--

--

$50,000-$99,999

4.50%

0.00%

0.00%

2.50%

--

--

--

$100,000-$249,999

3.50%

--

0.00%

1.50%

--

--

--

$250,000-$499,999

2.50%

--

0.00%

1.00%

--

--

--

$500,000-$999,999

2.00%

--

0.00%

1.00%

--

--

--

$1M-$4M

0.00%

--

--

--

--

--

--

$4M-$50M

0.00%

--

--

--

--

--

--

$50M+

0.00%

--

--

--

--

--

--

CDSC

Class A(sales for $1,000,000+)

Class B

Class C

Class M

Class R

Class R6

Class Y

0 to 9 mts.

1.00%

5.00%

1.00%

--

--

--

--

9 to 12 mts.

1.00%

5.00%

1.00%

--

--

--

--

2 yrs.

0.00%

4.00%

0.00%

--

--

--

--

3 yrs.

0.00%

3.00%

0.00%

--

--

--

--

4 yrs.

0.00%

3.00%

0.00%

--

--

--

--

5 yrs.

0.00%

2.00%

0.00%

--

--

--

--

6 yrs.

0.00%

1.00%

0.00%

--

--

--

--

7+ yrs.

0.00%

0.00%

0.00%

--

--

--

--

The S&P 500 Index is an unmanaged index of common stock performance. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. You cannot invest directly in an index.

Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions (including, in the case of bonds, perceptions about the risk of default and expectations about changes in monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the funds' portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments, and other factors affecting the value of commodities. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Efforts to produce lower-volatility returns may not be successful and may make it more difficult at times for the funds to achieve their targeted returns. In addition, under certain market conditions, the funds may accept greater volatility than would typically be the case, in order to seek their targeted return. There is no guarantee that the funds will provide adequate income at and through an investor's retirement. You can lose money by investing in the funds.

For the portion invested in the Putnam Government Money Market Fund, these risks also apply: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund's investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

The principal value of the fund is not guaranteed at any time, including at the target date.

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